In new attack on Sebi chief, Congress releases podcast on ‘missteps’ | Latest news India

The Congress on Saturday launched a podcast, ‘Buch Bachao Syndicate’, targeting Securities and Exchange Board of India (SEBI) Chairman Madhabi Puri Buch, with Leader of the Opposition in the Lok Sabha Rahul Gandhi and party spokesperson Pawan Khera sharing a series of alleged missteps and conflicts of interest regarding Buch’s handling of market regulations.

The first episode featured Congress’ accusations over Buch’s alleged bias against certain corporate entities, arguing that SEBI’s regulatory framework has been weakened under her leadership, putting millions of investors at risk. Congress leaders allege that Buch has allowed corporate influence to shape SEBI’s actions, an issue they say has serious implications for the Indian stock market, which affects more than 400 million people.

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“You have enough paperwork to bring down the government,” Rahul Gandhi told Pawan Khera during the podcast.

“Madhabi Buch’s actions indicate a deep compromise,” Khera said. Expressing concern over SEBI’s role in protecting the interests of investors, he emphasized that “people investing 10 crore in the stock market – their money is at stake.” Khera argued that “SEBI’s current leadership protects corporate interests, especially with regard to big names.”

The congress spokesperson pointed to recent developments that, according to the party, reveal Buch’s bias.

“The fight against corruption in India cannot happen without the government’s commitment,” said Rahul Gandhi, saying the political environment allows figures like Buch to pursue corporate agendas unchecked. Claiming to have ample evidence of wrongdoing, he vowed: “I am here to defend the democratic rights of the Indian people,” adding that he would not be deterred by “threats, disqualifications, accusations or prison terms.”

Also read | Political row erupts as Sebi chief Madhabi Puri Buch skips public accounts committee meeting

Buchs’s ascent in 2022 to chair SEBI made her the first from the private sector to hold the post, a milestone that Congress leaders say has led to favorable treatment for companies.

Khera also criticized Prime Minister Narendra Modi and said, “The Prime Minister does not seem to be concerned about the image of the country and the welfare of the people in the stock market.” He underscored that Congress’s concerns stem from “a responsibility to the middle class,” a demographic group he said was significantly affected by stock market volatility.

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The podcast came after Buchs skipped a Public Accounts Committee meeting on Thursday, citing a “personal necessity,” prompting panel chief and Congressman KC Venugopal to postpone the meeting. Soon after the meeting was adjourned, Bharatiya Janata Party (BJP) panelists lodged a protest with Lok Sabha Speaker Om Birla, accusing Venugopal of taking unilateral decisions.

Also read | PAC calls on SEBI for performance review amid allegations against Madhabi Buch

The SEBI chief is under fire over US short seller Hindenburg Research’s report, which alleged that she and her husband Dhaval Buch owned stakes in offshore entities linked to businessman Vinod Adani.

However, the couple had dismissed the allegations, saying: “Our lives and finances are an open book. All the required disclosures have already been provided to SEBI over the years. We do not hesitate to disclose all financial documents, including those relating to the period when we were strictly private citizens, to any authority that requests them. Further, in the interest of full transparency, we would issue a detailed statement in due course.”